- Ondo (ONDO) price hovered above $1.00 as bulls looked to break from a downtrend.
- The real-world asset tokenization platform’s traction and milestones in total value locked have aligned with gains.
- Ondo Finance is one of the leading RWA platforms in the market.
With ONDO trading to an intraday high above $1.13 with a 5.8% gain over the past 24 hours, buying pressure may see bulls target a breakout above $1.2 and aim for $2.00.
This outlook and surge coincides with Ondo Finance’s TVL soaring to over $1.5 billion as the RWA market rallies..
Ondo TVL hits $1.5 billion amid RWA traction
The Ondo token jumped to $1.13 on Friday, with gains taking it to its highest level in over a month.
Ondo bulls have rallied 16% in the past week, cutting monthly losses and allowing for a potential technical breakout after breaking its downtrend.
Per DeFiLlama , this has come as Ondo Finance’s TVL rose, and it crossed the $1.5 billion mark to reach highs of $1.57 billion.
The protocol’s accelerating role in the RWA sector has helped this outlook, with Ondo’s tokenized products key to the growth.
Surging demand for Ondo’s flagship products, such as OUSG, a tokenized short-term US Treasury fund, and USDY, a yield-bearing stablecoin, are the main drivers.
Upside for RWA tokens has elevated the market cap for these assets to over $75 billion, while adoption of tokenized assets has pushed RWA onchain value to more than $29 billion.
According to RWA.xyz , Ondo’s OUSG and USDY account for about $1.4 billion, with $729 million and $657 million in the two assets respectively.
Ondo’s TVL achievement and RWA traction aligns with a surge in demand for tokenized asset investment opportunities across Wall Street.
Ondo price targets $2 amid potential technical breakout
The TVL surge has ignited bullish sentiment for ONDO, with analysts eyeing a price target of $2 in the short term.
Having aggressively bounced from recent lows, the breakout to above $1 gives buyers the upper hand.
In this case, further gains will allow them to target Ondo’s all-time high of $2.14 set in December 2024.
Ondo price chart by TradingView
However, bulls may first have to navigate initial robust resistance around $1.14.
If this works, a potential rally to above $2 and the target of $2.4 could follow.
Bulls will be helped by the broader market conditions , regulatory shifts and institutional endorsements.
The collaboration with World Liberty Financial and integrations with BlackRock’s BUIDL Fund speak to this possibility.
The ascent to $1.5 billion in TVL aligns with Ondo DeFi’s maturation, including in bridging yield-generating assets with blockchain efficiency. Global potential of RWAs is another likely catalyst for Ondo.
